October 21st 2023.
Helen Phipps Watson, from Chester, had once dreamt of retiring and taking her much-loved white camper van out on the open road. But with her milestone 50th birthday approaching next year, she doesn’t expect to be able to do that any time soon.
The 49-year-old had been earning a six-figure salary as a psychologist, and had multiple savings and pension pots, but, after her mother was diagnosed with cancer in 2011, Helen gave up her job to become a full-time carer.
Her mother passed away a few months later, and Helen continued to care for her father who had early-onset Alzheimer’s. Then, four months after that, her husband had a serious stroke which left him with sight loss, heart failure and vascular dementia.
Helen and her husband are now left struggling to make ends meet. ‘I went from a really good salary to the lowest form of allowance; £76 a week that we have to pay tax on,’ Helen said. ‘We don’t get things like free prescriptions, opticians or dental care and we can’t afford to have the heating on. We are just surviving financially.’
On the verge of launching a business providing respite care for other carers, Helen predicts she will have to work ‘many more years than I’d anticipated’.
The fear of living in poverty in later years is a problem that disproportionately affects black and Asian women, explains Financial Educator and Coach Elizabeth Buko. ‘Research shows two out of every three Black women are worried they will run out of money during retirement. And 53% of Black women have nothing saved for retirement. It is only slightly better for South Asian women and white women with 40% and 35% respectively with no retirement savings.’
Julian Price, 58, from Gwynedd, was expecting a life of luxury after a long and busy career in public services, but his NHS pension of only £300 a month isn’t enough to get by in a time when some household items have tripled in price. Julian, who only buys own brand and doesn’t turn the heating on unless it is necessary, predicts he will have to work another decade before he can retire.
He recently set up Carnation Memorial Maintenance and was supported by Pride Cymru, a Welsh charity that helps people 50+ to start their own business.
The cost of living crisis has made retirement an impossible dream for many, forcing them to work well past their years of expectation. People like Helen and Julian, who had already planned for their retirement, are now left facing a future of financial insecurity and struggling to make ends meet. It is a harsh reality that calls for change.
Helen Phipps Watson's dream of taking her white camper van out on the open road is one she may have to put on hold for the foreseeable future. With the cost of living crisis, Helen is unable to plan for retirement, despite having a six-figure salary and multiple savings accounts and pension pots.
After her mother's illness in 2011, Helen left her job to become a 24/7 carer for her mum and then later her father, who had early-onset Alzheimer's. After a decade of caring, Helen's savings of £150k had dwindled to nothing, leaving her unable to even heat the house.
Now, Helen is on the verge of launching a business providing respite care for other carers and predicts she will have to work ‘many more years than she had anticipated’. The fear of living in poverty in later years disproportionately affects black and Asian women, according to Financial Educator and Coach Elizabeth Buko.
Julian Price is another person forced back into work after retirement. He had been looking forward to a life of luxury, but his NHS pension of £300 a month is not enough to get by. With some household items having tripled in price, Julian predicts he will have to work another decade before he can retire.
Julian recently set up Carnation Memorial Maintenance and was supported by Pride Cymru, a Welsh charity that helps people 50+ to start their own business. He spends his days in dank and cold graveyards, cleaning up memorial stones. He acknowledges the job is tough but is trying to stay positive.
The stories of Helen and Julian are just two of thousands of people who, struggling with the cost of living, are unable to plan for a retirement. It is a harsh reality that many women in the UK face, and one that they haven't had to face overnight.
The financial struggle disproportionately affects women, especially black and Asian women, leaving many unprepared and worried about the future.
These stories serve as a reminder to take advantage of any savings or pension plans available and to plan for the future. It is a difficult reality to face but it is important to be aware of the possible risks in order to be prepared for them.
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